§ 47-30-118. Fannie Mae Reverse Mortgage Loans
When a Fannie Mae Reverse Mortgage Loan becomes due, the amount owed by the borrower shall not be greater than: The fair market value of the house; or The outstanding balance of the loan, including any equity share, if applicable under the terms of the contract, whichever is less. The lender shall enforce the debt […]
§ 47-31-101. Short Title
This chapter shall be known and may be cited as the “Tennessee Tobacco Manufacturers’ Escrow Fund Act of 1999.”
§ 47-30-110. Lender to Provide Borrower With Name of Agent to Answer Inquiries — Annual Statement of Account
At the closing of the reverse mortgage loan, the lender shall provide to the borrower the name of the lender’s employee or agent who has been designated specifically to respond to inquiries concerning reverse mortgage loans. This information shall be provided by the lender to the borrower at least annually, and whenever the information concerning […]
§ 47-30-111. Lender’s Default — Applicability
A lender’s failure to make loan advances to the borrower under the reverse mortgage loan contract shall be deemed the lender’s default of the contract. Upon the lender’s default, the lender shall forfeit any right to collect interest or service charges under the contract. The lender’s right to recovery at loan maturity shall be limited […]
§ 47-30-112. Borrower’s Default — Terms and Conditions
A reverse mortgage loan contract may provide for a borrower’s default, thereby triggering early repayment of the loan, based only upon one (1) or more of the following terms and conditions: The borrower fails to maintain the residence as required by the contract; The borrower sells or otherwise conveys title to the home to a […]
§ 47-30-113. Notice of Foreclosure — Continuation of Interest
When a borrower’s obligation to repay the reverse mortgage loan is triggered under § 47-30-112, in addition to all rights conferred upon owners and borrowers under title 35, chapter 5, the lender must give the borrower not less than sixty (60) days’ notice of its intent to initiate foreclosure proceedings. If the contract so provides, […]
§ 47-30-114. Future Advances — Exemption From Other Law
A reverse mortgage may provide that it secures not only existing indebtedness or advances made contemporaneously with the execution thereof, but also future advances, whether obligatory or optional, or both, and whether made under open-end credit agreements or otherwise, to the same extent as if such future advances were made contemporaneously with the execution of […]
§ 47-30-115. Prohibited Acts
Reverse mortgage lenders are prohibited from engaging in any of the following acts in connection with the making, servicing, or collecting of a reverse mortgage loan: Misrepresenting material facts, making false promises, or engaging in a course of misrepresentation through agents or otherwise; Failing to disburse funds in accordance with the terms of the reverse […]
§ 47-29-103. Remedies Cumulative
The remedies provided under this chapter shall be in addition to and not in lieu of any rights and remedies available under the Uniform Commercial Code as provided in Chapters 1 9 of this title.
§ 47-30-101. Short Title
This chapter shall be known and may be cited as the “Home Equity Conversion Mortgage Act.”